MOR Wealth Management LLC Makes New Investment in Texas Pacific Land Corporation $TPL

MOR Wealth Management LLC bought a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL) during the fourth quarter, HoldingsChannel reports. The firm bought 13,437 shares of the financial services provider’s stock, valued at approximately $3,859,000. Texas Pacific Land makes up approximately 1.8% of MOR Wealth Management LLC’s holdings, making the stock its 12th largest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TPL. MassMutual Private Wealth & Trust FSB increased its stake in shares of Texas Pacific Land by 363.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 69 shares in the last quarter. Quarry LP bought a new stake in Texas Pacific Land during the third quarter worth about $29,000. CX Institutional purchased a new stake in Texas Pacific Land in the third quarter worth about $30,000. Silicon Valley Capital Partners bought a new position in shares of Texas Pacific Land during the third quarter valued at approximately $33,000. Finally, Triumph Capital Management purchased a new position in shares of Texas Pacific Land during the third quarter valued at approximately $36,000. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Up 0.3%

Shares of Texas Pacific Land stock opened at $513.11 on Monday. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20. The company’s 50 day moving average is $452.74 and its 200 day moving average is $357.60. The company has a market cap of $35.37 billion, a price-to-earnings ratio of 73.55 and a beta of 0.82.

Texas Pacific Land (NYSE:TPL) last posted its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.06. The business had revenue of $211.60 million during the quarter, compared to the consensus estimate of $204.00 million. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%.

Texas Pacific Land Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were paid a dividend of $0.60 per share. The ex-dividend date was Monday, March 2nd. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.5%. This is an increase from Texas Pacific Land’s previous quarterly dividend of $0.53. Texas Pacific Land’s dividend payout ratio is presently 34.38%.

Analysts Set New Price Targets

A number of research analysts have issued reports on TPL shares. Zacks Research upgraded Texas Pacific Land to a “hold” rating in a research note on Wednesday, December 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research report on Friday. Wall Street Zen upgraded shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Finally, KeyCorp raised their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Texas Pacific Land has an average rating of “Hold” and an average price target of $639.00.

Insider Activity

In other news, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the transaction, the chief accounting officer owned 2,133 shares in the company, valued at $1,072,899. This trade represents a 42.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Donna E. Epps acquired 895 shares of the business’s stock in a transaction dated Wednesday, February 25th. The shares were acquired at an average cost of $510.45 per share, with a total value of $456,852.75. Following the transaction, the director owned 2,921 shares in the company, valued at approximately $1,491,024.45. This trade represents a 44.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 6.90% of the stock is owned by corporate insiders.

About Texas Pacific Land

Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.